If you’ve been following the crypto space for some time you must have heard of Digitex Futures and its larger-than-life founder, former pit trader Adam Todd. The commission-free crypto derivates exchange has certainly grabbed its share of headlines. After all, with hundreds of exchanges vying for customers all competing with the same fee-charging model that extracts continuous profits from their users, the prospect of not paying fees is attractive to any trader.
With the live launch that took place at the end of July 2020, Digitex has been heralded as a “scalpers’ paradise” and the ideal place for aggressive short-term traders to carry out their strategies. With appearances made by many crypto royals from Ivan on Tech to Trader Cobb and ReadySetCrypto’s Doc Severson, Adam and his team have truly created a product to be proud of. But, their ambitions for Digitex don’t stop at a zero-fee futures exchange.
Speaking to his community on Monday after releasing the new whitepaper for Digitex City, Adam said that he was pleased to see how well the exchange was working and how much traders were enjoying trading on the platform.
The futures exchange with its one-click trading ladder and zero fees will always be his primary area of focus. However, while admitting his delivery on one promise, he also expressed his desire to push DGTX (the exchange’s native token) to $1. It hasn’t happened yet, but there’s a plan to take it there – Digitex City.
Digitex City Will Drive Demand for DGTX
So, what exactly is Digitex City? As per the whitepaper, Digitex City is the evolution of the company beyond just a zero-fee futures exchange. The main purpose of Digitex City is to drive demand for the DGTX token and restrict it’s supply through staking, thus taking DGTX to $1 and beyond:
“Digitex is pivoting from being just a futures exchange to becoming Digitex City, a vibrant hub of activity centered around cryptocurrency trading, investing, gambling, and entertainment.”
Visitors to Digitex City (which the team is describing as “Crypto’s playground”) can earn money through traditional means like staking and trading, but they can also play poker, gamble, and even bet on key events such as eSports outcomes and even general elections. Every product and service in Digitex City is available with zero fees, building on the success of the exchange’s current model.
The native currency of Digitex City will be the DUSD, Digitex’s stablecoin which is currently being developed. And this virtual world that fulfills every trader’s desire will also comprise of a crypto-friendly social network where they can exchange ideas and banter, and an entertainment area in the form of the Digitex Playhouse, where traders can pay for private striptease dances by “hot” online webcam girls.
The aim of Digitex City is to provide more value than any other project in the space and become a one-stop-shop for all needs of traders. As Adam points out in the video, it’s essentially taking the most tried-and-tested industries in the world and moving them online.
The DUSD has a value of $1 but can only be created with $5 worth of DGTX as collateral, thus further restricting supply and providing stakers with rewards through the DGTX Staking Program. The DUSD will also remove the current problem of DGTX volatility while trading on the platform as its value will be fixed at $1.
“This means that DGTX is not just a speculative token that you hold waiting for the price to go up, it actually gives you a return, staking rewards,” Adam explains in the recording.
He goes on to say that he believes that trading, gambling, socializing with peers, and “paying girls to take their clothes off” will send the demand for DGTX skyrocketing and create crypto’s true playground.
When Is The Digitex City Coming to Life?
With so many ambitious products on offer, Digitex City won’t come to fruition all at once. However, as Adam clears up in the video, many of the products are already being worked on.
“This is not just an idea on a whitepaper,” he says, “This is something that we are working on right now.”
We can expect to see the start of this brand-new journey in crypto from the first quarter of 2021, beginning with the exchanges, (futures, spot, and Forex). It will also integrate the webcam site straight away with the social network at its heart and gradually add more services throughout the year.
When you consider the sheer size of the online gambling industry set to reach $94 billion by 2024 and add in a zero-fee no house-edge casino, prediction market, and poker room… Digitex City is aiming for a slice of a very big pie. If this latest ambitious project from Adam and the Digitex team pays off, it could just take crypto adoption up to the next level.
Adam will be hosting one of his customary AMAs on the Digitex YouTube channel later this week. If you want to find out more about Digitex City, you can enter a question into this form here and he will answer it in the live session on Friday, September 11, at 13:00 UTC.
Disclaimer: The information presented here does not constitute investment advice or an offer to invest. The statements, views, and opinions expressed in this article are solely those of the author/company and do not represent those of Bitcoinist. We strongly advise our readers to DYOR before investing in any cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, Bitcoinist does not guarantee or imply that the cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in his or her country.
